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25-02-2014

Contract signed for Karbala refinery

The Iraq ministry of oil has signed a contract with a consortium of four Korean companies to build a Karbala refinery costing more than six billion dollars. The refinery will have a production capacity of 140 thousand barrels/day.

Present at the signing were Mr. Noori Al- Maliki - Prime Minister of Iraq, Mr. Hussain Al-Shahristani - the Deputy Prime Minister for Energy and Mr. Abdulkareem Liaybi the Minister of Oil.

Mr. Noori Al-Maliki placed the corner stone for the refinery during the ceremony and said in his speech "we were late in building the refinery, not because we wanted to be, or because of a slow down by the government or the ministry of oil, but because of circumstances that facing the country including the previous Baath regime's policies of sabotage. He also said that oil production will increase continuously until Iraq becomes the first or second oil producer which will result in increased revenue which will be used for significant projects like that of the Karbala refinery.

The Korean Ambassador to Iraq Mr Kim S. Myong said that the Iraqi choice of Korean companies is the result of strong relations between the two countries despite of the geographic distance. He noted that the amount of business between Iraq & Korea had increased rapidly in recent years and now amounted to about about 12 billion Dollars.

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